Gold futures rises and the focus remains on the United States and its central bank

A look on Comex market

Gold futures rose in European trading Monday morning, as investors remained watching the outlook for monetary policy to the Fed, while continued focus more directly on the U.S. economy.

On the Comex division of the New York Mercantile Exchange, traded futures for gold delivery in February traded at $ 1655.15 per ounce during European morning trade, up by 0.4% on the day.

The gold prices rose by up to 0.8% earlier in the session to reach the highest intraday level at $ 1556.62 an ounce. Gold prices fell to $ 1626.05 an ounce on 4 December / January, the lowest level since August 21 / August.

And most likely you will find support at prices $ 1626.05 an ounce, where low on 4 January / January and resistance at the higher price on January 3 / January 1690.55.

The gold futures had tumbled to its lowest level in four months in the previous session after the release of the minutes of the meeting / December to the Federal Reserve Bank, which indicated that the central bank may end the bond-buying program earlier in what was expected.

According to the minutes, and is believed by many Fed officials that the central bank will be able to slow or stop the quantitative easing program long before the December / December 2013.

And track movements in the gold price over the past year largely to expectations about whether the U.S. central bank will pump more money into the financial system.

Gold remained under pressure after the release of U.S. jobs data on Friday although the data suggest that the recovery in the labor market may be moderate.

U.S. economy has added 155 thousand jobs in December, a bit higher than expectations for an increase of $ 150 thousand. But he fell for November rate which reached 161 thousand jobs. And proved the unemployment rate unchanged at 7.8%.

The Fed said in the minutes of the meeting that monetary policy will remain accommodative, “at least as long as” the unemployment rate is still above 6.5%.

At the same time, the market focused on how they will handle U.S. lawmakers with a discussion of the debt ceiling next.

U.S. lawmakers have passed a bill to avoid financial abyss last week, at the last moment, to save the country from a series of tax increases looming and spending cuts that could push the U.S. economy back into recession.

And cause the strength of the U.S. dollar in achievement Almkhasr price of gold. We have dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, rose 0.2% to trade at 80.77.

Elsewhere on the Comex, silver traded March delivery / March on the rise by 0.65% to trade at 30.14 dollars per ounce, while copper fell for March delivery / March rose 0.75% to trade at $ 3.666 a pound.